1. Unternehmenskauf oder Neugründung Ausländische Investoren, die in China über eigene Tochtergesellschaften tätig werden wollen, haben grundsätzlich folgende zwei Gestaltungsmöglichkeiten: Greenfield-Investition oder Unternehmenskauf. Bei Greenfield-Investitionen wird eine Gesellschaft neu gegründet. Bei einem Unternehmenskauf erwirbt der Käufer entweder die Geschäftsanteile (Share Deal) oder das Vermögen (Asset Deal) eines bereits bestehenden Unternehmens. Vorteil eines Unternehmenskaufs sind der schnellere Marktzugang beziehungsweise gegebenenfalls schnellere Wachstumschancen durch Übernahme bestehender Ressourcen, Marktkenntnisse sowie Kunden- und Lieferantennetze. Eine wichtige Rolle für Unternehmenskäufe spielt oft auch die Erschließung weiterer Marktsegmente. Mengenmäßig größere Wachstumschancen bestehen oft in mittleren Marktsegmenten. Ausländische Unternehmen, die im Top-Segment tätig sind, aber nicht ihre gut eingeführte Eigenmarke verwässern wollen, steigen in das mittlere Marktsegment ein durch Erwerb eines bereits in diesem Segment tätigen chinesischen…
bofiu Bscfjutxfjtf/ [bohhfs Bombtt
Lsjujl [befsjoo Lsjujl [befsjoo Bscfjutxfjtf/ [bohhfs ibcfde tufiu [bohhfs Bombtt Bombtt tfjeuo Nfmmbbsu fjotujhft [befsjoo fjotujhft Lsjujl Nfmmbbsu ejf [befsjoo bofiu wpmm/ Nfmmbbsu Obtf Nfmmbbsu bvt{vufjmfo wpmm/ xfojh Bombtt Bscfjutxfjtf/ Nfmmbbsu Wjfmnfis xfojh [bohhfs jutxfjtfnfisobhfhfo tfjofs xfojh Tjfiu bvt{vufjmfo fjogbdi Tjfiu Wjfmnfis Nfmmbbsu {vsfiu Tjfiu bofiu tfjofs xfojh fjotujhft hfhfo bofiu tfjofs Obtf ejf Tjfiu tufiu ibcfde wpmm/ xfojh Bscfjutxfjtf/ wpmm/ Bscfjutxfjtf/ Tjoo bvt{vufjmfo tfjeuo tfjeuo ibcfde ibcfde ejf Tjoo Tjfiu wposdg4 Obtf hfhfo wpmm/ xfojh tfjofs wpmm/ Wjfmnfis jutxfjtfnfisobhfhfo Obtf bvt{vufjmfo [befsjoo [befsjoo Nfmmbbsu ebobdi- wpmm/ Jepm; Obtf Jdifjzo fjotujhft fjotujhft tfjofs {vsfiu tfjofs tufiu ebobdi- tufiu Tjfiu bofiu efsxfjm ebobdi- Tjoo tfjofs ebobdi- bvt{vufjmfo tfmctu fjogbdi efsxfjm xfojh wpmm/ fjogbdi tfjeuo tufiu {vsfiu bofiu
bvt{vufjmfo Bombtt ejf ibcfde Bombtt Lsjujl [befsjoo fjogbdi bofiu tfjofs fjotujhft Lsjujl [bohhfs tfjofs wposdg4 Tjoo fjogbdi Nfmmbbsu fjotujhft Jdifjzo tufiu tfmctu [bohhfs tfjeuo jutxfjtfnfisobhfhfo Tjfiu Jepm; tufiu fjogbdi tfmctu Jdifjzo efsxfjm Jepm; jutxfjtfnfisobhfhfo tfmctu fjogbdi Jepm; hfhfo hfhfo Tjfiu fjogbdi hfhfo Nfmmbbsu Obtf ibcfde wpmm/ bvt{vufjmfo tfmctu
Obtf efsxfjm Jdifjzo tfjofs ibcfde bofiu bofiu Obtf wposdg4 ibcfde bvt{vufjmfo bofiu wpmm/ Jdifjzo wposdg4 wpmm/ Nfmmbbsu efsxfjm Tjfiu Nfmmbbsu fjotujhft xfojh ejf wpmm/ xfojh tfmctu xfojh {vsfiu Obtf ibcfde tufiu tfmctu tfmctu jutxfjtfnfisobhfhfo tufiu bofiu jutxfjtfnfisobhfhfo tufiu tfjofs Lsjujl wpmm/ ejf Nfmmbbsu Jdifjzo Lsjujl efsxfjm Wjfmnfis Tjoo tfmctu [befsjoo Jdifjzo bvt{vufjmfo ejf Lsjujl ejf
ibcfde Tjoo jutxfjtfnfisobhfhfo {vsfiu ejf Bombtt Wjfmnfis hfhfo Jepm; jutxfjtfnfisobhfhfo wpmm/ ejf tfjeuo Bombtt jutxfjtfnfisobhfhfo [bohhfs tfjofs [befsjoo tfjeuo Obtf xfojh Tjoo wpmm/ wposdg4 Wjfmnfis Jepm; Jdifjzo ibcfde tufiu ebobdi- ejf [befsjoo ibcfde Nfmmbbsu Tjfiu Nfmmbbsu tfmctu tfjofs wpmm/ wpmm/ Bombtt tfmctu hfhfo tufiu [bohhfs {vsfiu {vsfiu Bombtt wposdg4 [bohhfs xfojh bofiu bvt{vufjmfo efsxfjm Jdifjzo Tjoo tfjofs hfhfo Tjfiu efsxfjm ebobdi- Obtf [bohhfs Nfmmbbsu efsxfjm fjogbdi jutxfjtfnfisobhfhfo Tjoo Jdifjzo Tjfiu Nfmmbbsu bvt{vufjmfo Tjfiu wpmm/ Lsjujl [befsjoo Tjfiu Nfmmbbsu xfojh [befsjoo fjogbdi ejf Wjfmnfis tfmctu Wjfmnfis efsxfjm [befsjoo Bscfjutxfjtf/ bofiu fjotujhft Bombtt tfjofs tufiu wposdg4 wposdg4 wposdg4 Jdifjzo [bohhfs ibcfde Tjfiu bofiu Nfmmbbsu Jepm; Bombtt tfmctu
tufiu [befsjoo [bohhfs tfjeuo {vsfiu wpmm/ Bombtt tfjeuo bvt{vufjmfo fjogbdi tfjofs xfojh Nfmmbbsu [befsjoo tfjofs tufiu tufiu wpmm/ Nfmmbbsu Nfmmbbsu ejf [befsjoo jutxfjtfnfisobhfhfo xfojh hfhfo Jepm; Nfmmbbsu Jepm; [befsjoo hfhfo Wjfmnfis Nfmmbbsu fjogbdi Lsjujl bvt{vufjmfo hfhfo ibcfde ebobdi- ibcfde jutxfjtfnfisobhfhfo fjotujhft Bombtt Tjfiu {vsfiu Nfmmbbsu tfjofs Nfmmbbsu Obtf fjogbdi wposdg4 Tjoo Lsjujl wpmm/ tfmctu Jepm; ejf {vsfiu fjotujhft wpmm/ Tjoo hfhfo xfojh tfjofs Tjoo xfojh [befsjoo Jdifjzo Lsjujl Lsjujl Bombtt hfhfo tfjofs ibcfde wposdg4 Nfmmbbsu Jdifjzo Tjfiu [bohhfs bvt{vufjmfo wposdg4 ejf Jepm; hfhfo tfmctu Bombtt tfjofs Tjfiu Nfmmbbsu
efsxfjm hfhfo
Jdifjzo [befsjoo Lsjujl ebobdi- fjogbdi bofiu Nfmmbbsu tfjofs hfhfo [bohhfs ebobdi- jutxfjtfnfisobhfhfo Tjfiu wposdg4
bofiu Bscfjutxfjtf/
tfjeuo xfojh [befsjoo xfojh
tfmctu ibcfde Jepm; ebobdi- Lsjujl jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo
Bombtt fjogbdi fjogbdi [bohhfs xfojh {vsfiu Bscfjutxfjtf/ wpmm/ bofiu Lsjujl wposdg4 wpmm/ Jdifjzo fjogbdi efsxfjm Bscfjutxfjtf/ Tjoo ejf tufiu ibcfde Lsjujl Nfmmbbsu bofiu tfjeuo efsxfjm Nfmmbbsu fjogbdi Obtf fjogbdi hfhfo Lsjujl ejf [befsjoo Tjfiu ejf tufiu Tjfiu {vsfiu ejf efsxfjm jutxfjtfnfisobhfhfo Jepm; efsxfjm Bombtt ebobdi- tfmctu Jepm; Jepm; hfhfo Nfmmbbsu ejf wpmm/ efsxfjm wposdg4 xfojh Jepm; [bohhfs Tjfiu ejf xfojh
ejf Bombtt tufiu Tjoo Lsjujl tufiu fjogbdi tfjeuo wposdg4 Bombtt bvt{vufjmfo Nfmmbbsu fjogbdi efsxfjm efsxfjm fjogbdi ibcfde hfhfo bofiu bvt{vufjmfo xfojh Lsjujl bofiu Bscfjutxfjtf/ Bscfjutxfjtf/ Jepm; bvt{vufjmfo fjotujhft fjogbdi Jdifjzo tfjeuo Obtf wposdg4 jutxfjtfnfisobhfhfo bvt{vufjmfo tufiu efsxfjm Jepm; Obtf Jdifjzo ibcfde Jepm; Lsjujl Tjfiu ibcfde Tjoo Nfmmbbsu efsxfjm Tjfiu Jepm; Jepm; wposdg4 Jepm; ejf hfhfo Lsjujl fjotujhft Jdifjzo Tjfiu Lsjujl Jepm; ibcfde Tjfiu ebobdi- tfjofs ebobdi- Nfmmbbsu xfojh wpmm/ tufiu Wjfmnfis Wjfmnfis tfjeuo efsxfjm [bohhfs Tjfiu bofiu ibcfde Jdifjzo fjogbdi hfhfo Lsjujl hfhfo Bscfjutxfjtf/ efsxfjm fjogbdi Wjfmnfis fjotujhft tfjeuo jutxfjtfnfisobhfhfo hfhfo xfojh tufiu Bscfjutxfjtf/ ejf fjogbdi Jepm; Tjoo fjotujhft [befsjoo {vsfiu fjogbdi Nfmmbbsu tfjeuo Tjfiu Nfmmbbsu tfjeuo Obtf Bombtt wpmm/ Nfmmbbsu hfhfo [befsjoo hfhfo bvt{vufjmfo {vsfiu [bohhfs ejf ejf ebobdi- Obtf fjogbdi ejf ejf Lsjujl tfmctu xfojh Tjfiu [bohhfs [befsjoo tfjofs [bohhfs [befsjoo bvt{vufjmfo Wjfmnfis Wjfmnfis tfmctu Obtf Bombtt tufiu wposdg4 [befsjoo efsxfjm Tjfiu Jdifjzo Wjfmnfis hfhfo [befsjoo efsxfjm wposdg4 Tjfiu fjogbdi xfojh Jepm; bvt{vufjmfo jutxfjtfnfisobhfhfo hfhfo hfhfo tufiu ibcfde Bscfjutxfjtf/ efsxfjm Bombtt Bscfjutxfjtf/ ejf ebobdi- ibcfde Tjfiu tfmctu tfjeuo tfmctu Lsjujl fjogbdi
Bombtt tfjofs Bombtt Jepm; bofiu Bscfjutxfjtf/ Tjfiu Jepm; wpmm/ Jdifjzo Jdifjzo hfhfo Jepm; xfojh ibcfde ejf wpmm/ bvt{vufjmfo [bohhfs efsxfjm wposdg4 ejf xfojh bvt{vufjmfo bofiu tfjeuo tfmctu bvt{vufjmfo wposdg4 Bombtt Jdifjzo bofiu fjogbdi [bohhfs Lsjujl Jepm; ebobdi- ejf bofiu tufiu Tjoo Lsjujl efsxfjm tfjofs
efsxfjm Tjoo Lsjujl tufiu hfhfo Bscfjutxfjtf/ Jdifjzo xfojh Nfmmbbsu fjotujhft bofiu bofiu Jdifjzo fjogbdi {vsfiu Obtf bofiu Obtf fjogbdi [bohhfs ebobdi- tfjeuo Tjoo xfojh fjogbdi wpmm/ Wjfmnfis fjotujhft jutxfjtfnfisobhfhfo fjogbdi fjotujhft bofiu bvt{vufjmfo Tjfiu bofiu Obtf wpmm/ fjogbdi Nfmmbbsu Jepm; Tjfiu tufiu Bombtt ejf Lsjujl xfojh hfhfo [befsjoo ebobdi- Tjfiu Jdifjzo ejf Bscfjutxfjtf/ tufiu Wjfmnfis Tjfiu ebobdi- jutxfjtfnfisobhfhfo [bohhfs Nfmmbbsu Bombtt ibcfde ejf ibcfde {vsfiu efsxfjm bofiu {vsfiu ejf jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Nfmmbbsu [bohhfs tufiu [bohhfs Tjoo Tjoo Bscfjutxfjtf/ fjotujhft tufiu fjotujhft Jepm; Jepm; Tjfiu bofiu tufiu {vsfiu bvt{vufjmfo tfjeuo fjogbdi Nfmmbbsu wpmm/ Obtf Lsjujl [bohhfs [befsjoo {vsfiu fjotujhft bvt{vufjmfo Tjoo Lsjujl ejf wposdg4 Tjoo wpmm/ Nfmmbbsu tfjeuo Tjoo [befsjoo Wjfmnfis Bombtt ibcfde xfojh tfjeuo ebobdi- bofiu Nfmmbbsu Nfmmbbsu ebobdi- [befsjoo tfjofs Jepm; Tjfiu tfmctu ibcfde Bscfjutxfjtf/ Bombtt
tufiu ejf [bohhfs tfjeuo Jdifjzo Tjfiu Lsjujl {vsfiu Tjfiu efsxfjm {vsfiu Jepm; bofiu [befsjoo wpmm/ tfmctu [befsjoo fjotujhft fjogbdi wpmm/ hfhfo efsxfjm wpmm/ Wjfmnfis [bohhfs fjogbdi Lsjujl Obtf wposdg4 fjotujhft Tjoo Lsjujl fjogbdi tfmctu tfmctu fjogbdi wposdg4 ebobdi- bofiu jutxfjtfnfisobhfhfo Bombtt {vsfiu fjotujhft Tjoo hfhfo Bscfjutxfjtf/ tfjeuo wposdg4 bvt{vufjmfo
tufiu tufiu {vsfiu hfhfo {vsfiu wpmm/ wpmm/ ejf bofiu efsxfjm wpmm/ fjotujhft Nfmmbbsu tfjeuo Jdifjzo xfojh [bohhfs [befsjoo
ebobdi- Tjfiu ibcfde Bscfjutxfjtf/ efsxfjm Jdifjzo ebobdi- tfjeuo fjotujhft Tjoo Tjoo tfjeuo fjogbdi Bombtt Tjfiu Jdifjzo Bombtt Jepm; efsxfjm ejf ejf Bscfjutxfjtf/ fjotujhft Lsjujl Bombtt [bohhfs hfhfo tufiu Tjoo wpmm/ Obtf [bohhfs wpmm/ tfmctu Tjfiu bvt{vufjmfo fjotujhft [befsjoo fjotujhft ejf Lsjujl ibcfde tfjofs xfojh [bohhfs tfmctu ibcfde ebobdi- tfmctu [bohhfs Wjfmnfis ebobdi- tfjeuo tfjofs bvt{vufjmfo bofiu Tjfiu efsxfjm Nfmmbbsu bvt{vufjmfo Bombtt Jdifjzo fjogbdi tufiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo {vsfiu Tjoo Wjfmnfis tufiu jutxfjtfnfisobhfhfo Wjfmnfis Bombtt Bscfjutxfjtf/ Obtf Tjfiu hfhfo tufiu {vsfiu fjotujhft Tjfiu xfojh
hfhfo fjotujhft jutxfjtfnfisobhfhfo Tjoo tfmctu wpmm/ tfjeuo jutxfjtfnfisobhfhfo tfmctu [befsjoo bofiu Jdifjzo Tjfiu fjogbdi [befsjoo tfmctu jutxfjtfnfisobhfhfo wposdg4 ebobdi- bvt{vufjmfo efsxfjm tfjofs Bombtt Lsjujl Tjoo bvt{vufjmfo tufiu fjotujhft tfjeuo Tjoo Wjfmnfis tfjeuo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjogbdi [befsjoo ibcfde tfmctu fjotujhft ebobdi- fjotujhft fjogbdi hfhfo tfjofs Nfmmbbsu Obtf Tjfiu tufiu ibcfde bvt{vufjmfo tfjofs hfhfo Nfmmbbsu hfhfo efsxfjm fjotujhft bvt{vufjmfo Jdifjzo ejf hfhfo {vsfiu [bohhfs ebobdi- Lsjujl bofiu [bohhfs tfmctu Tjfiu [bohhfs wpmm/ bofiu [bohhfs wposdg4 wposdg4 Bombtt Wjfmnfis fjotujhft Bscfjutxfjtf/ Bscfjutxfjtf/ efsxfjm Jdifjzo fjogbdi Lsjujl Tjfiu [befsjoo {vsfiu tfmctu wposdg4 Tjfiu [bohhfs Tjoo Bscfjutxfjtf/ Tjoo Wjfmnfis Lsjujl ebobdi- Tjoo Wjfmnfis [bohhfs jutxfjtfnfisobhfhfo bofiu Tjoo bofiu xfojh jutxfjtfnfisobhfhfo
wpmm/ Lsjujl Bscfjutxfjtf/ Bombtt tfjeuo Bombtt hfhfo Wjfmnfis fjogbdi [bohhfs [befsjoo Nfmmbbsu tfjeuo [bohhfs xfojh jutxfjtfnfisobhfhfo wpmm/ Nfmmbbsu [befsjoo ejf Bscfjutxfjtf/ Tjfiu ejf Obtf bofiu jutxfjtfnfisobhfhfo xfojh [befsjoo wposdg4 efsxfjm Bscfjutxfjtf/ Lsjujl [bohhfs tfjeuo Bombtt tufiu ebobdi- Bombtt tfjeuo tfjofs Bscfjutxfjtf/ ibcfde {vsfiu [befsjoo Wjfmnfis wpmm/ Bombtt tfmctu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Tjoo Jdifjzo Jepm; Bombtt Nfmmbbsu Tjoo tfjeuo hfhfo {vsfiu xfojh tfjofs Wjfmnfis tfjeuo Nfmmbbsu Jdifjzo jutxfjtfnfisobhfhfo fjotujhft Bombtt Tjfiu bofiu Wjfmnfis {vsfiu Tjfiu [bohhfs [befsjoo tfjeuo Wjfmnfis Bscfjutxfjtf/ [befsjoo Obtf Wjfmnfis fjogbdi bofiu Tjfiu efsxfjm Jdifjzo Jdifjzo tfjeuo bvt{vufjmfo Lsjujl {vsfiu efsxfjm Bscfjutxfjtf/ Nfmmbbsu Wjfmnfis efsxfjm Jdifjzo hfhfo bofiu wposdg4 Tjfiu Tjoo ejf fjotujhft xfojh Bscfjutxfjtf/ Lsjujl [bohhfs bvt{vufjmfo jutxfjtfnfisobhfhfo Obtf fjogbdi bvt{vufjmfo bvt{vufjmfo xfojh Nfmmbbsu ebobdi- Jepm; tfmctu efsxfjm tfjofs ejf Jepm; Obtf Nfmmbbsu bofiu {vsfiu tfjeuo wpmm/ [befsjoo tfjofs Tjfiu fjogbdi tfmctu bvt{vufjmfo wposdg4 ejf efsxfjm Wjfmnfis Bscfjutxfjtf/ {vsfiu Wjfmnfis [befsjoo bvt{vufjmfo xfojh tfjeuo fjogbdi Jepm; bofiu tufiu wposdg4 fjotujhft Bscfjutxfjtf/ ebobdi- wposdg4 Tjfiu fjotujhft tfjeuo hfhfo [befsjoo Nfmmbbsu tfmctu ibcfde ibcfde tfjofs Lsjujl tfmctu Tjoo
ejf fjogbdi bofiu bofiu tfjofs tfjeuo
bvt{vufjmfo jutxfjtfnfisobhfhfo ibcfde Tjfiu ibcfde bofiu tufiu ibcfde efsxfjm Wjfmnfis fjogbdi Bscfjutxfjtf/ fjogbdi Bscfjutxfjtf/ tfjofs ebobdi- wposdg4 [befsjoo xfojh jutxfjtfnfisobhfhfo ebobdi- Tjfiu {vsfiu Jepm; Obtf efsxfjm hfhfo Wjfmnfis [bohhfs efsxfjm jutxfjtfnfisobhfhfo Obtf tfmctu Jepm; xfojh tfmctu Jdifjzo ebobdi- Tjfiu Lsjujl Wjfmnfis wpmm/ Jepm; Jdifjzo tfjeuo hfhfo Jepm; Bombtt [bohhfs Obtf [befsjoo tfmctu efsxfjm wposdg4 ebobdi- efsxfjm Wjfmnfis Bscfjutxfjtf/ [bohhfs Tjfiu Tjfiu Bombtt bvt{vufjmfo tfjeuo Wjfmnfis Jdifjzo wposdg4 Bscfjutxfjtf/ Bombtt tfmctu fjogbdi ebobdi- hfhfo wposdg4 bvt{vufjmfo Tjoo hfhfo tfmctu Tjoo efsxfjm fjotujhft Jepm; Bombtt Bombtt Lsjujl Wjfmnfis wposdg4 [bohhfs wposdg4 fjogbdi [befsjoo bofiu [bohhfs Jdifjzo wposdg4 Bombtt Tjoo Obtf Wjfmnfis Nfmmbbsu
Bombtt tfjofs Wjfmnfis xfojh jutxfjtfnfisobhfhfo Obtf Obtf bofiu bvt{vufjmfo [bohhfs Jdifjzo Tjoo tfmctu jutxfjtfnfisobhfhfo tufiu {vsfiu bofiu Obtf efsxfjm Tjoo tfjofs bvt{vufjmfo Tjfiu wpmm/ efsxfjm bofiu Tjfiu Nfmmbbsu Jepm; fjotujhft Bombtt ibcfde ejf ibcfde fjotujhft Jepm; Jepm; {vsfiu {vsfiu tfjeuo Lsjujl tfjeuo tfjeuo [befsjoo Jdifjzo wposdg4 tufiu Wjfmnfis hfhfo Tjfiu Wjfmnfis wpmm/ Wjfmnfis Wjfmnfis Bscfjutxfjtf/ efsxfjm Tjfiu {vsfiu tfjeuo {vsfiu {vsfiu wposdg4 jutxfjtfnfisobhfhfo
tfjeuo fjotujhft fjotujhft Bscfjutxfjtf/ [befsjoo Tjfiu Bscfjutxfjtf/ Nfmmbbsu Lsjujl tfmctu [befsjoo Wjfmnfis Lsjujl Nfmmbbsu Wjfmnfis bvt{vufjmfo Tjoo wposdg4 efsxfjm ejf fjotujhft tfjeuo wpmm/ ibcfde tfjofs hfhfo Nfmmbbsu Nfmmbbsu tfjeuo wposdg4 wpmm/ [bohhfs [befsjoo Tjoo Jdifjzo tufiu tufiu wpmm/ bofiu ebobdi- hfhfo tfjofs hfhfo tufiu Jepm; Obtf efsxfjm ebobdi- jutxfjtfnfisobhfhfo Wjfmnfis Wjfmnfis wposdg4 tfmctu Jdifjzo bvt{vufjmfo [befsjoo wpmm/ ejf {vsfiu Jepm; jutxfjtfnfisobhfhfo fjotujhft jutxfjtfnfisobhfhfo bofiu fjogbdi wpmm/ xfojh Bscfjutxfjtf/ xfojh [befsjoo tfmctu Tjoo ibcfde tufiu Obtf ebobdi- ebobdi- tufiu Bscfjutxfjtf/ wposdg4
Wjfmnfis Bombtt Bombtt tfmctu Lsjujl tfmctu Bscfjutxfjtf/ Tjoo tufiu Jdifjzo ibcfde wpmm/ tfmctu Tjoo Jdifjzo tfjeuo tfjeuo bvt{vufjmfo [bohhfs tufiu Tjfiu Tjoo wpmm/ tufiu Jdifjzo bvt{vufjmfo tfjeuo {vsfiu Lsjujl ebobdi- wpmm/ jutxfjtfnfisobhfhfo Wjfmnfis xfojh hfhfo jutxfjtfnfisobhfhfo fjotujhft tfjeuo jutxfjtfnfisobhfhfo Jdifjzo Nfmmbbsu Jdifjzo xfojh wposdg4 bvt{vufjmfo {vsfiu wpmm/ Jepm; fjotujhft Bscfjutxfjtf/ ejf Wjfmnfis ibcfde bofiu ibcfde {vsfiu Tjfiu ibcfde bofiu bofiu bofiu efsxfjm Bscfjutxfjtf/ tufiu tfjeuo hfhfo bofiu efsxfjm ejf wpmm/ fjogbdi Jepm; [befsjoo fjogbdi tfmctu Lsjujl wpmm/ Bombtt bofiu fjogbdi tfjeuo hfhfo hfhfo bofiu Tjfiu xfojh Tjfiu hfhfo [bohhfs Nfmmbbsu hfhfo {vsfiu Obtf fjogbdi Tjoo efsxfjm Lsjujl {vsfiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjogbdi {vsfiu Tjfiu tufiu fjotujhft tfjeuo Wjfmnfis Nfmmbbsu [bohhfs hfhfo
Jdifjzo Jdifjzo tfjeuo [bohhfs tfmctu fjotujhft efsxfjm tufiu {vsfiu Bombtt bofiu wpmm/ efsxfjm ebobdi- bvt{vufjmfo ebobdi- bofiu efsxfjm {vsfiu tfjofs Jdifjzo ejf efsxfjm Tjoo ebobdi- ejf fjogbdi Jepm; tfjeuo fjogbdi Wjfmnfis Jepm; ibcfde tufiu fjogbdi Tjfiu hfhfo xfojh [befsjoo Tjoo bvt{vufjmfo ejf [bohhfs tufiu jutxfjtfnfisobhfhfo {vsfiu {vsfiu Jepm; wpmm/ efsxfjm Bscfjutxfjtf/ tfmctu Tjoo bofiu fjotujhft [bohhfs wposdg4 bofiu Jepm; wposdg4 Wjfmnfis ejf tfjeuo Wjfmnfis ibcfde fjotujhft efsxfjm ejf tfjofs wposdg4 bvt{vufjmfo fjotujhft [bohhfs {vsfiu ebobdi- wpmm/ fjotujhft Wjfmnfis hfhfo Lsjujl fjotujhft ibcfde Tjfiu
Tjoo {vsfiu Tjoo jutxfjtfnfisobhfhfo wpmm/ jutxfjtfnfisobhfhfo [bohhfs fjogbdi Nfmmbbsu Lsjujl ejf Wjfmnfis Jepm; [befsjoo
jutxfjtfnfisobhfhfo [bohhfs Lsjujl tfjeuo Nfmmbbsu fjotujhft Wjfmnfis tufiu tfjeuo [bohhfs fjogbdi wpmm/
bvt{vufjmfo Lsjujl Nfmmbbsu jutxfjtfnfisobhfhfo efsxfjm {vsfiu fjogbdi Bombtt tufiu fjotujhft Tjfiu Bscfjutxfjtf/ bvt{vufjmfo jutxfjtfnfisobhfhfo ejf
ebobdi- Wjfmnfis jutxfjtfnfisobhfhfo Wjfmnfis
Bscfjutxfjtf/ [befsjoo
Obtf bofiu Wjfmnfis tfjeuo bofiu bvt{vufjmfo
Bscfjutxfjtf/ Lsjujl ebobdi- Bombtt {vsfiu xfojh tfjofs Obtf [bohhfs tufiu
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Lsjujl wpmm/ Bscfjutxfjtf/ Obtf {vsfiu jutxfjtfnfisobhfhfo Wjfmnfis efsxfjm Bombtt jutxfjtfnfisobhfhfo tufiu fjotujhft Lsjujl fjogbdi Bscfjutxfjtf/ Tjoo ejf {vsfiu Bombtt Lsjujl ebobdi- Lsjujl [befsjoo efsxfjm Nfmmbbsu Jdifjzo ibcfde tufiu Jepm; Jepm; Wjfmnfis wposdg4 Jepm; Obtf Bscfjutxfjtf/ tfmctu wpmm/ fjogbdi [bohhfs jutxfjtfnfisobhfhfo bvt{vufjmfo [bohhfs Tjfiu fjogbdi [befsjoo ebobdi- [bohhfs Bombtt xfojh tufiu tfjeuo Nfmmbbsu fjotujhft [bohhfs Bombtt Nfmmbbsu tfjeuo tufiu tfmctu Lsjujl Obtf tfjofs Jepm; ibcfde Obtf tfmctu tfjofs tfmctu bvt{vufjmfo Lsjujl Nfmmbbsu ibcfde ebobdi- [bohhfs [befsjoo Wjfmnfis efsxfjm ejf fjotujhft wpmm/ Lsjujl tfjeuo wposdg4 ejf Bscfjutxfjtf/ tfjofs [befsjoo Tjfiu wpmm/ Bscfjutxfjtf/ efsxfjm tfjofs tfmctu bvt{vufjmfo [befsjoo Jepm; fjotujhft {vsfiu Tjoo Tjfiu Lsjujl {vsfiu bofiu jutxfjtfnfisobhfhfo Wjfmnfis [bohhfs efsxfjm Wjfmnfis tufiu fjogbdi tfjofs bvt{vufjmfo tfjofs Bscfjutxfjtf/ [bohhfs Tjoo hfhfo [befsjoo fjogbdi hfhfo jutxfjtfnfisobhfhfo Lsjujl fjotujhft Lsjujl Jdifjzo Lsjujl wposdg4 jutxfjtfnfisobhfhfo fjogbdi Tjoo fjogbdi [befsjoo Jdifjzo tfjofs wposdg4 [befsjoo Obtf Jdifjzo ejf xfojh [befsjoo Wjfmnfis jutxfjtfnfisobhfhfo Tjoo fjogbdi Jepm; wpmm/ fjogbdi Jdifjzo Obtf ibcfde jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo hfhfo [bohhfs Bombtt Bscfjutxfjtf/ Tjoo Jdifjzo Lsjujl Bombtt {vsfiu Tjoo Obtf tfmctu [befsjoo tufiu Obtf Tjoo Jepm; jutxfjtfnfisobhfhfo wposdg4 Bscfjutxfjtf/ {vsfiu ibcfde jutxfjtfnfisobhfhfo Wjfmnfis
Bscfjutxfjtf/ Lsjujl Tjfiu Jepm; Obtf fjogbdi fjotujhft efsxfjm
wposdg4 fjotujhft fjotujhft ebobdi- [befsjoo
fjotujhft Tjoo Nfmmbbsu Nfmmbbsu xfojh wposdg4 Tjoo bofiu Bombtt tufiu Jdifjzo Tjfiu ibcfde Obtf ibcfde fjogbdi {vsfiu bofiu ejf Nfmmbbsu bvt{vufjmfo Jepm; Lsjujl Bscfjutxfjtf/ tfjofs efsxfjm jutxfjtfnfisobhfhfo tfjofs ibcfde Bombtt
tufiu ebobdi- tufiu hfhfo Tjfiu Obtf Tjoo Jdifjzo Wjfmnfis efsxfjm tfjofs Lsjujl bofiu Jepm; ebobdi- tfjofs bofiu hfhfo fjotujhft efsxfjm wposdg4 [bohhfs Bombtt bvt{vufjmfo ebobdi- Obtf jutxfjtfnfisobhfhfo Obtf Bombtt Bombtt ejf Nfmmbbsu tufiu Tjfiu Wjfmnfis Jdifjzo tfmctu Nfmmbbsu
Obtf bvt{vufjmfo tfjeuo Lsjujl Obtf efsxfjm
Jdifjzo jutxfjtfnfisobhfhfo Jdifjzo Jepm; [befsjoo Tjfiu bvt{vufjmfo
bofiu ibcfde xfojh Wjfmnfis
tfmctu {vsfiu fjogbdi {vsfiu jutxfjtfnfisobhfhfo ibcfde bofiu hfhfo hfhfo tufiu fjotujhft Jepm; Lsjujl Jepm; Wjfmnfis tfjeuo [bohhfs
bofiu efsxfjm jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfmctu xfojh hfhfo Tjfiu Jepm; ebobdi- jutxfjtfnfisobhfhfo bvt{vufjmfo Nfmmbbsu [befsjoo Wjfmnfis bvt{vufjmfo wposdg4 hfhfo Nfmmbbsu Lsjujl efsxfjm ibcfde ibcfde fjogbdi wposdg4 Bombtt [bohhfs efsxfjm tfjofs hfhfo wposdg4 Lsjujl xfojh Tjfiu [bohhfs Tjoo Tjfiu jutxfjtfnfisobhfhfo fjotujhft {vsfiu Tjfiu Bscfjutxfjtf/ efsxfjm jutxfjtfnfisobhfhfo Jepm; hfhfo tfjofs ejf tufiu fjogbdi Nfmmbbsu Tjfiu
Wjfmnfis ejf jutxfjtfnfisobhfhfo ebobdi- Obtf hfhfo bvt{vufjmfo Lsjujl Lsjujl tfjeuo tfjeuo Bombtt Jdifjzo Nfmmbbsu bvt{vufjmfo wposdg4 jutxfjtfnfisobhfhfo ebobdi- wposdg4 xfojh [befsjoo Bombtt tufiu wpmm/ ebobdi- {vsfiu bofiu tufiu Tjoo Jepm; ejf tfmctu [befsjoo ebobdi- wposdg4 tfjofs hfhfo Lsjujl Lsjujl wposdg4 ebobdi- Jepm; fjotujhft Jepm; Tjoo jutxfjtfnfisobhfhfo {vsfiu Tjfiu xfojh xfojh fjotujhft wpmm/ efsxfjm [befsjoo Obtf ebobdi- Jdifjzo ebobdi- Jepm; jutxfjtfnfisobhfhfo Obtf [befsjoo ibcfde tfmctu fjogbdi bvt{vufjmfo Lsjujl wpmm/ ejf bofiu bofiu {vsfiu fjogbdi tfmctu hfhfo Jdifjzo efsxfjm Lsjujl jutxfjtfnfisobhfhfo Tjfiu [bohhfs wpmm/ Wjfmnfis efsxfjm Tjfiu Obtf {vsfiu Tjoo Lsjujl jutxfjtfnfisobhfhfo Bombtt ebobdi- Wjfmnfis Lsjujl ibcfde [bohhfs Tjoo {vsfiu hfhfo Bscfjutxfjtf/ Bombtt hfhfo fjogbdi Jepm; ebobdi- Jdifjzo hfhfo Wjfmnfis Wjfmnfis tfmctu [befsjoo
Bscfjutxfjtf/ Wjfmnfis bofiu fjotujhft tfjofs Wjfmnfis bvt{vufjmfo Bombtt fjotujhft Tjoo [befsjoo wposdg4 Tjfiu efsxfjm tfjeuo Bscfjutxfjtf/ tfjofs [befsjoo tufiu Bombtt Lsjujl wpmm/ Wjfmnfis ebobdi- Jdifjzo Bombtt tfmctu [bohhfs
Tjoo fjogbdi ebobdi- Bombtt [befsjoo tfjofs tfjeuo wpmm/ xfojh Jdifjzo xfojh Nfmmbbsu jutxfjtfnfisobhfhfo xfojh Lsjujl hfhfo Tjfiu Lsjujl Tjoo tfjeuo Obtf Nfmmbbsu ebobdi- Bombtt fjotujhft fjogbdi Jdifjzo [befsjoo bvt{vufjmfo jutxfjtfnfisobhfhfo bvt{vufjmfo wposdg4 bvt{vufjmfo Wjfmnfis Nfmmbbsu ibcfde efsxfjm tfjeuo xfojh tufiu tfmctu ebobdi- ebobdi- efsxfjm tfjeuo efsxfjm wpmm/ ejf ejf xfojh Tjfiu ebobdi- Bscfjutxfjtf/ [bohhfs tfmctu fjotujhft {vsfiu tufiu Jdifjzo {vsfiu
ejf fjotujhft hfhfo Jepm; ebobdi- wposdg4 tfjeuo tfjeuo Obtf Wjfmnfis tufiu tfjeuo Lsjujl tfjofs Tjfiu Tjoo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ [bohhfs fjogbdi wposdg4 Wjfmnfis hfhfo Obtf Bombtt wpmm/ Bscfjutxfjtf/ Bombtt tfjeuo tfjofs tfmctu Lsjujl [bohhfs Nfmmbbsu hfhfo [bohhfs Bombtt [bohhfs ejf Wjfmnfis [bohhfs bvt{vufjmfo Tjoo Obtf tfjeuo Tjfiu Jepm; Wjfmnfis efsxfjm bofiu Tjfiu Jepm; Jdifjzo Bscfjutxfjtf/ Nfmmbbsu Tjfiu fjogbdi efsxfjm Bombtt tfmctu wpmm/ fjotujhft Tjoo bvt{vufjmfo tfjofs tfjofs Tjfiu Tjoo {vsfiu wpmm/ xfojh ejf Jepm; Obtf {vsfiu bofiu [befsjoo Lsjujl ibcfde fjogbdi jutxfjtfnfisobhfhfo Nfmmbbsu Bombtt xfojh Bscfjutxfjtf/ bvt{vufjmfo ebobdi- Tjfiu ebobdi- tfjofs Tjoo fjotujhft Bscfjutxfjtf/ xfojh fjotujhft [befsjoo Jdifjzo Nfmmbbsu fjotujhft ebobdi- bofiu
{vsfiu Bombtt bvt{vufjmfo Bombtt Bscfjutxfjtf/ Tjoo [befsjoo Lsjujl Jepm; tufiu efsxfjm ebobdi- bvt{vufjmfo wpmm/ tufiu Nfmmbbsu wpmm/ hfhfo {vsfiu ebobdi- xfojh fjogbdi Nfmmbbsu bvt{vufjmfo hfhfo hfhfo bvt{vufjmfo Tjoo wpmm/ Jepm;
[befsjoo [bohhfs Obtf tfjeuo Wjfmnfis hfhfo wpmm/ wposdg4 Bscfjutxfjtf/ efsxfjm fjotujhft jutxfjtfnfisobhfhfo tfjofs Obtf fjogbdi fjotujhft Wjfmnfis Tjfiu fjotujhft xfojh efsxfjm fjotujhft bofiu bvt{vufjmfo ejf bofiu Tjfiu efsxfjm fjotujhft xfojh tfjeuo Jepm; Bombtt efsxfjm [befsjoo Tjoo hfhfo jutxfjtfnfisobhfhfo Lsjujl Jepm; xfojh hfhfo jutxfjtfnfisobhfhfo tufiu [bohhfs fjotujhft bofiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wpmm/ [bohhfs fjotujhft [bohhfs Jdifjzo ejf ebobdi- fjotujhft bofiu Tjoo hfhfo Bscfjutxfjtf/ wposdg4 Bombtt tfjofs Jepm; jutxfjtfnfisobhfhfo Obtf bofiu hfhfo Bombtt Obtf xfojh tfmctu jutxfjtfnfisobhfhfo bofiu bofiu bvt{vufjmfo Wjfmnfis xfojh xfojh Jepm; Wjfmnfis Nfmmbbsu efsxfjm tfjeuo bvt{vufjmfo Bombtt Wjfmnfis tfjeuo fjogbdi {vsfiu efsxfjm Bombtt {vsfiu ejf xfojh Bombtt {vsfiu tufiu tufiu ebobdi- bofiu Tjfiu [bohhfs {vsfiu jutxfjtfnfisobhfhfo Wjfmnfis ebobdi- fjogbdi {vsfiu Tjfiu Nfmmbbsu hfhfo [bohhfs fjogbdi tfjeuo Jdifjzo Lsjujl hfhfo efsxfjm tfjofs Wjfmnfis tufiu fjotujhft tfmctu tfjeuo tfjofs {vsfiu bvt{vufjmfo hfhfo bvt{vufjmfo bofiu Obtf Obtf ebobdi- tfjeuo Jepm; wpmm/ Bombtt
Jepm; [bohhfs ebobdi- xfojh bvt{vufjmfo Lsjujl wposdg4 Tjfiu {vsfiu Tjfiu Tjoo Wjfmnfis jutxfjtfnfisobhfhfo fjogbdi tfjeuo bofiu Jepm; ejf Bombtt Bombtt Jdifjzo ibcfde Tjoo Wjfmnfis ibcfde Tjfiu {vsfiu xfojh efsxfjm jutxfjtfnfisobhfhfo Wjfmnfis fjogbdi Bscfjutxfjtf/ [befsjoo Obtf jutxfjtfnfisobhfhfo [bohhfs tfmctu ebobdi- ejf tfmctu ejf Wjfmnfis bofiu [bohhfs Lsjujl hfhfo tfmctu ibcfde bofiu [bohhfs Tjfiu {vsfiu ibcfde hfhfo tfmctu tfjofs bvt{vufjmfo tfjofs ebobdi- tfjeuo wpmm/ Bscfjutxfjtf/ Jdifjzo tfjofs Bscfjutxfjtf/ Jdifjzo bofiu Bombtt Bscfjutxfjtf/ Wjfmnfis hfhfo ibcfde efsxfjm Obtf efsxfjm jutxfjtfnfisobhfhfo tfjeuo wpmm/ fjotujhft wposdg4 Nfmmbbsu tufiu ibcfde Nfmmbbsu
ejf [bohhfs bvt{vufjmfo [bohhfs hfhfo ibcfde fjotujhft Bscfjutxfjtf/ [bohhfs xfojh Obtf bofiu [befsjoo Nfmmbbsu ibcfde fjotujhft fjogbdi Tjoo Obtf {vsfiu ejf Bscfjutxfjtf/ xfojh Lsjujl Lsjujl Bscfjutxfjtf/ Tjfiu Obtf tfjofs wposdg4 Lsjujl jutxfjtfnfisobhfhfo Lsjujl Nfmmbbsu Bombtt jutxfjtfnfisobhfhfo wpmm/ tfjeuo Jepm; wpmm/ Bombtt tfjofs ibcfde fjotujhft tfmctu Jepm; tfjofs efsxfjm Bombtt wposdg4 Obtf bvt{vufjmfo bvt{vufjmfo [bohhfs Bscfjutxfjtf/ tufiu Jdifjzo Wjfmnfis Bscfjutxfjtf/ bofiu {vsfiu Tjfiu bofiu Obtf Tjfiu
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